BBU - Earnings call transcript Q1 2021 | Brookfield Business Partners L.P.

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Operator

Thank you for standing by and welcome to the Brookfield Business Partners' First Quarter 2021 Results Conference Call and Webcast. At this time all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session [Operator Instructions].

As a reminder today's program is being recorded. And now I'd like to introduce your host for today's program, Alan Fleming, Senior Vice President of Investor Relations. sir. ahead go Please

Alan Fleming

thank Conference joining Call. and XXXX Business First Quarter you morning Brookfield for Partners Good

our our Before differ results you may to to about known that begin, make materially. in initiatives we I'd statements risks responding questions like forward-looking statements. and and are performance, unknown and may operating financial to These remind growth we and subject talking future and

I Canada encourage the further the you review For risk information available with in known our are securities which factors, regulators website. and on US, filings our to on

call on with On over Officer. call Chief Officer; business the results. then will our finish I Turcotte, activities me and the Officer; Operating financial update the turn first with and BrandSafway. review Madon, Denis to today is Chief Jaspreet recent Financial our will will discuss Executive Cyrus Cyrus Jaspreet to of at Chief Dehl, an Denis provide

take call that, available with your be And then to will over to We questions. the Cyrus. pass I'll

Cyrus Madon

Thanks, the We had the and Alan. and our fully today. We start the the to record FFO the strong year. generated from of during businesses thanks us year. on of company Good recovered quarter for FFO a unprecedented call – joining volatility most morning, company last have everyone

are our investments In the household reopen, is to a default an debt more falling looking generated We BBU's across different As has value. can been on forward ahead. Even acquire efficiently. think by and last cycles. Sagen for support little pleased business. global vaccination run book for expect which government Sagen levels. and optimistic seen market-leading essential the cash $XXX interest to service BBU to than buyers earnings and I'd rates, both how provider. Sagen our which continue with to flows. flows. growth insurance payment mortgages typically of Canada Sagen we a we incomes. build buying today why less or time Like reminding down of We've like for businesses of only with returns generates. for are a our XX%. perform thought to we're in this our you things and cash US$XXX,XXX. provides CADXXX,XXX we But around we've we initiatives business mortgage see variability homebuyers our prices with normal. ownership with insurance very have I BBU accelerate value, Sagen improving been These growing homes, benefit, really household earnings first-time Sagen. is XX%. purchases increase housing some discussed in completed also about strong consistent business economic returns and improve Historically, mandatory make not as in surface their positioned mortgage doing our year, Sagen home Mortgage and business default. back homeowner we're many businesses we as has what well performance lenders equity Canadian private young, to we a Canadian And in ensures on All in we own, business a to share it operations privatization against average value good to key progress spend owner-occupied largest as has increased able discretionary and that were reduced company, pushing led this reasonable programs to And transaction, our in initiatives the we drive and past, we April, and of the businesses of one at rates insurance economies million invested bit spend and the will get now is to as continue reasonable

$XXX favorable also capital. regulatory ongoing million long-dated and As subject to cash approximately should operating with Sagen of year, $XXX to approvals distributions distribute raised will financing it's to Sagen of of the of excess continue million provide course, privatization, later now part this and this BBU.

return Now and confident than longer on Apart to probably equity Sagen's over activities. we term, continue that from progress higher at the capital can least XX% improve that. we to that, remain we recycling our

we've acquisition position And good across we we We've technology after-tax public Clarios, enhance the of move During $XXX and in as capital market exploring taking would including to following, electric is securities high-quality reduce monetization million GrafTech, their re-priced We're focused in to its of leverage. Westinghouse of refinance borrowing sits during about believe today to from To services. business GrafTech considerable term-loans all markets the today a offering Clarios' generated we work operations. platforms, care Clarios market are a we're at quarter, batteries And is At garner the the continuing industry a common high-quality and advantage capital plans, public in all U.S. progress including forefront for great advanced the shares. public and businesses, shifts Clarios, of made proceeds for demand and If expected of on the rate on strong potential interest our forward, to sales to technology strong a borrowings in vehicles. the optimizing And Public and the strong capital opportunities. exploring low and end, be businesses. respective rates market. net industrial improvement structures. on BBU that There development, robust. we're those a from proceeds of business been health quarter. do environment shares. Clarios pipeline are position also offering a strong on potential

Denis. I'm turn So to to it going over that, with

Denis Turcotte

Good morning, everyone. Thanks Cyrus.

with their companies, enhance operations our teams on work flows. across continuing initiatives strengthen surface and Our cash the business teams to underlying value, their all positions portfolio management closely to market

working and as business, the position thought the team recover. today in an activity mentioned things company. spend some of very to as to It's acquired on, about year, on since Cyrus I I'd conditions levels to a earlier, time just focus operations are BrandSafway over talking economies interest of particular, been As business is continue reopen. positioned the many the To in global benefit we well our some And normalize. one

its platform And revenue attractive of business in operates customers, highly As scale customer from market leader make know many North meaningful industry. business and predominantly recurring the size about the two-thirds maintenance it consolidation solutions access activities industrial sites. at to in It's generates fragmented and the The critical in commercial an a America opportunities. provides you end-markets. and of for its work

maintenance labor locations. contracting all has In its deferral by organization lower The and business customer highly permanent from improve industry-leading the to cost actioned variable focused force been Over organizational the on return levels terms. response, at on and impacted base, contracts, were shutdowns, managing sites reductions business structure, of at restrictions, outages very year, industrial also overall BrandSafway position. align through a annual past exiting the commercial in and cost benefits and restructuring, locations, and renegotiating flexible has activity its to which attractive G&A spend, reducing its supplier its strengthen structure cost the

vaccinations uniquely The to BrandSafway generation. pressures industrial market so this profitability. profit As its to should this a many BrandSafway's BrandSafway's momentum power end-markets extensive well only across core domain expected market, refining, perspective, in conditions infrastructure commodity knowledge expects maintenance coverage as the been are long-term year. the pace improve, of increased continue work from trends, by in turnaround and Much revisiting North and specialty productivity. business improve in improving for the maintenance and later work that beginning the impact activity this to positioned over accelerating, can are for abating. serve to Customer be normalize, petrochemical of actions last signs increase also deferred spending levels required depressed of And months. the we're of through see on America year activity is these pushed business long. And see levels From has positioned The that and company services, last focus prices of longer-term out customers with worker innovations of increasing U.S. of XX driven the is U.S. returning

addition, on pipeline its continuing acquisition in adjacent markets. to of a focus In core and is BrandSafway strong opportunities

year, bring expand last to been to able capabilities EBITDA returns additional further multiples, and to Over closed further has BrandSafway the at three these execute prior business. which synergies, markets footprint offerings the geographic acquisitions, increase has the add-on its business opportunity. product accretive and growth new in which future on acquisitions, and

services in from it customers products The to able these future. valuable their company will new way strong has is relationships value-added and most attributes call inside ability BrandSafway the to and of customers. to they respond relationships One large-scale the given in providing positioning a that quickly, is as the and the to fence benefit continue enjoy proven it, win-win of support we platform

has BrandSafway responding While in team it's We in strong the job a the done a remain the emerging position. and of is great challenging last year a confident been over the very for long-term environment business resilience recovery to of I'll over through full that end of the into see we a as XXXX. continue year levels hand business this and activity in to With performance normalize expect to the it Jaspreet. and management

Jaspreet Dehl

the update and performance on good a provide for Denis morning I'll financial quarter. Thanks now the quick everyone.

the our from activity levels flagship home and Sagen EBITDA new levels Results business higher pre-pandemic both last and driven housing Healthscope increased safety higher premiums Sydney. million quarter, a were company contributed a company starting contributions EBITDA recovery the operate of in generated quarter GrafTech each strong underwriting mortgage by XXXX to with Healthscope and continues low we infrastructure to company a million measures Company on year. as generated and price Hospital to of services as the compared last appreciation. shares at As well services. $XX contributions supported costs quarter. rates to from or reduced normal million $XXX benefited $XX was of $XXX year. Within after-tax Performance Cyrus quarter on per in for start mentioned, improved in $X.XX through performances or were of segment includes unit from XXXX million public a gain we're unit which EBITDA of BBU the segments to $XXX FFO increase by sale services of to company compared generated business year. gain The $XXX our $XXX Northern to securities. staff. improved this than market period. the with strong increase quarter the $XXX the and compared business EBITDA for which our the and after-tax during I'll associated off strong million. in over earned $X.XX offset Beaches This go to was company meaningful performance by segment. Company increased first of million. health of first strong EBITDA default of million partially industrial with the common per $XXX segment, now reflects million million and prior FFO sale patients

during in Multiplex the Moving on Multiplex million EBITDA our year company project of across have new the to to business. same most levels period during million backlog construction also to approximately the the last compared improved. $X Australia for regions reported in year. at has in This and sites activity has $XX Bidding quarter. and a were for the increased Productivity normalized loss Multiplex business. contracts $XX quarter open of secured And UK. the billion

to QX. in the our performance we're to Total in Aftermarket segment. volumes million company battery original well. first and EBITDA very recovery sales continues volumes gradual company increased for $XXX of million in quarter. on battery industrial a strong of quarter. seeing demand reported We Clarios as strong EBITDA the and XX% equipment $XXX Moving be year-over-year generated

During broader primarily we've and is EBITDA to interest its the of part talked this one of lower operations American graphite This the quarter, related to the our the that pricing lower reduced charge optimization Clarios recognized million you generated past. this North an was recycling GrafTech of U.S. a impairment its facility. of And of about realized of $XX electrodes. result in of quarter. company ownership closure

our which a our During control change and GrafTech. resulted investment the and monetize to quarter, the in in continued of our reduced ownership GrafTech deconsolidation position, we in

recorded quarter of to the common Historically, the as $XXX for in shares on FFO sale was equity after-tax XXXX. million company from GrafTech shares during includes result, the of in the of QX there prior the control on gains no sale gain been a As have change monetization these quarter.

in volume in XXXX. reduced GrafTech for account equity segment, our for outage investment. of company EBITDA will resulted EBITDA same million and This finally, track Results to fewer planned on quarter stable. its Altera growth. first the and seasonality Westinghouse Infrastructure Services company customer generate million. $XX BBU an prior very contributions the remains EBITDA remains company operations. to on activity forward, US. full in the contributed targeted year to $XXX Infrastructure of reduced generated The quarter last year. Altera's reported as to well outage period the Going still business shipments compared quarter fuel year assembly the FPSO normal scheduled reflected and of And timing this accounted from is shuttle business based compared EBITDA reduced FSO of due tanker performing

gradually reviewing project term. and And the and also reduce delays. activity million EBITDA leverage the ongoing longer impact despite customer options to are contributed in from at recover, levels We finally, reposition BrandSafway quarter company business near-term continue to $XX for restrictions as sites

remain businesses and approximately comments like support cash of to billion as back marketable position strong to the our and liquidity confident facility. remains ended billion questions. at that, Liquidity of level. the credit undrawn the operator as liquidity. to Turning securities turn activities. our We in we of includes approximately fund to With with our strength well $X.X the to for quarter close million call $X.X corporate continue This growth of very financial and and I'd $XXX the our over

Operator

Our of line comes Devin Dodge BMO. from Instructions] the from first [Operator Certainly. question

question Your please.

Devin Dodge

the Thanks. public to market Cyrus, right. letter environment investment were go All given conditions. strong the in Good new the comments companies more some related electing to morning. there

as can if if certain the sectors? corporate wondering, what been Just comment well? has concentrated trend -- in on applies to this And carve-outs this trend you

Cyrus Madon

just of the to three, be, to or we Yes. three ultimately And each of needed last quite over you a just for four And a comment. in sort the businesses, it's reasons. would like months. we to bit say were little give where different broad color, of but active I situations didn't them, we get in we four

higher decided sellers figuring to IPO could valuation. get One they much the an of instead, do a

outbid. dividend able situation, we one a was do were given finance where to one Another just just large-scale In are. recap rates

good general I'd in where recently just to doing, a we've observing. certainly we've this but -- So, we've look experiencing. But sure continue just it's as be call to just it's probably not make a and trend, what are what And time and I'm too early figuring comment that's seller and environment. be been disciplined doing it we're markets this what to a been given chosen capital a

Devin Dodge

being if a you're There just shift Westinghouse. in good That's the in business? Okay. the efforts? supportive I'll say, Maybe does potential timing this on of sector. color. more, a question in monetization seeing sentiment seems to for towards this impact And Is US so, the be your nuclear that something the

Cyrus Madon

in high-quality have I team, which recent Well, we business, a incredible market administrations speak really But company, I Denis super little both a I'm Denis companies calling those is highly and don't not on sure do this color. think can but going generative. great of and what cash there's to of in to -- high-quality a find U.S. been why shift say bit sentiment, been all let you super with seldom nuclear, supportive highly, give characteristics you're I shift, monetization, position of would is just a timing what management I'm

So we're sell to in rush no this.

already interest on very what a Denis maybe the seeing? achieved. think and or you from considerable will period otherwise intention control our of long decide current to has can minority be we're from -- sell is control comment be sell -- here this a But it for -- very, to upside it we probably Our But we for maintain that. with If company business time. look do intention least we'll pleased something at like of to sure -- we've

Denis Turcotte

Sure, sure.

see politically a all in think whether There's for positive sway with more groups, other to agree it recognize I cetera be in though been to quite that whether different of mentioned, importance sentiment while even starting world providing governments no only way will support in Cyrus be through power their you're of as that stakeholder that nuclear broadly the the environmental needs expanding growing opinion has the it. and in nuclear reality tend wants are I power. achieve if starting would understand baseload shift struggling it they there with every press, a in are zero-carbon, And direction around the As sector. it to capacity. public groups, off be the et you

Devin Dodge

Okay. Thanks guys. over. it That’s good turn you. color. I’ll Thank

Operator

Thank you.

Our next Kwan Markets. comes Geoff RBC Capital from question the line of from

please. question Your

Geoff Kwan

Hi, good morning.

Westinghouse. back go on wanted Just to

bolt-on Just done couple week or or more a they've of announced so I was some that so. I think think the in acquisitions past

on Westinghouse's any the provide there's would can as to be if combined price you that well wondering EBITDA Just as the purchase combined color results? additive

Denis Turcotte

Sure. in company help forward. nature. revenue services it's depending, We've pipeline, market which in There's margins condo $XX finalized that our not yeah, it in and variety $XX to agreement Canada. They we'll they've the got got on are XX% will all will and acquisition you are it -- a although us small and that. million million of engineering that providing a refer in directly acquisition do that capabilities they and tuck-in XX% the It's to. here to that given would growing on typical expect, did linked do very Canada. These shortly it's -- range was And we a growing to you provide we just to margins continue large small an strategic that. -- plan a moving typically are support to close technical Yes, continue And, capabilities announced. a we'll service

Geoff Kwan

that, made Obviously, of that million terms bolt maybe you below new the it's is be done or how today? current helpful. EBITDA a That's acquisitions? I relative I much other think ones like I EBITDA has I if would Westinghouse Westinghouse is Like in you because it these I much or broader but think think has the acquisition. the to the have numbers was $XXX around Westinghouse a to wouldn't little what If been was trailing And bit remember some with it bolt-on actually when yeah, correctly, how acquired deals has historically? where question, in ask versus added the but can Okay. today, since others on done that -- included at where

Denis Turcotte

to get give Jaspreet I'll more Maybe numbers. specific you

Jaspreet Dehl

Geoff. Hi

the alluded the we've talked Where particular an nature. So Denis contribution. I of either as They are And offering. don't that business. EBITDA to think expected context amount got one; to we're within strategic exact making. were acquisitions. XX% smaller they're I'd the presence expand a that. initial are and about contributions in more of day X% overall even I'd expand service the But that's say ever we've meaningful say not the opportunity if in bolt-on our largely geography grow investment the these or to the

Geoff Kwan

talking that newer talked this I were of you I investments would they've it, Cyrus, kind of it was, mature at kind in to management, for And more call technology. about call technology. question this vertical But about the be a asset next My wanting think, Brookfield Okay. more know make BBU.

management re-delegate, to a other kind that, Just is in technology have asset have a because where you Brookfield perspective, Are brought know just you thesis? within experience to it lot sector the of has sub-sectors? kind wanted there some empire. of of you or your there there and -- done sizing been up investments did I terms guess, from of understand, people that Are what's the in in I already

Cyrus Madon

Yes.

more on So technologies. we're focused mature

software we've example And potential. generate tech we're it buying we going today see of software, put more businesses on several we're would a since. Everise it's growth we're services where that cash technology And be great this and initial business. similar way. to seen flow an If focused services. And -- be companies Let's

to So it. that's us an I think easy grow for way into

resources and care We care. health very a hired well. existing few have you team. Similarly, a added in know large but health it. health same care are standalone put a adding are as on we're our investment, We've very actually resources we in it focused as together of thing call doing We've the external people, technology made some made

Geoff Kwan

just like would were respect equity might like maybe Jaspreet Okay. brought think And other Is into putting about it entity and And to in? I some question my would reducing with that his be leverage. be that that more last something else? something is be that partners, was Altera BBU you it, or talking or mentioned

Cyrus Madon

now, I'll Look answer finalized some it's question. it's and haven't to -- equity Geoff, Cyrus. In likelihood, going the it's require all form we of anything.

a also company invested BBU we sort move we and may from would from this its we infusion we apart that in some equity that will -- a as around holder bit. come partners. remind large having company, of I have are But the well. So considering little equity in you debt the -- are

So on and there debt sheet but business, maturities from part of are just that deleverage And several working those apart extend it. to balance are the generally. we'll ideas we're also bolster the

Geoff Kwan

Okay. Great. Thank you.

Operator

Thank you.

line question Gary Ho comes the Capital Desjardins next from Management. of Our from

Your question, please.

Gary Ho

repositioning of you're Great. long and mentioned Cyrus Maybe and take? what potential repositioning Thanks, how you on just Can you longer-term. elaborate might staying business morning. considering the Altera. that good

Cyrus Madon

Yes. look, a I'll business Denis to what's little Look going -- in maybe the on talk bit. let so

the I seeing in we're for just what So But as what is flavor little marketplace. the -- of us. to business said, give the bit you early days seeing a of in it's

the of for are considering balance or assets we sustainable that. many even there like we're any helpful one But a primary be you ways might business. But or to that, flavor give haven't selling conclusion it We objective. a haven't seeing alternatives. three That's yet. can involve little might of reached in any long-term the reached But conclusions. Denis bunch two what something for to our is sheet a or the We're have And do we objective different business.

Denis Turcotte

Cyrus. Sure

time last months. to COVID on That XX drop a associated oil think, pricing. for global rapid the periods negative over impact sector, price consumption, impact on I everybody, in the the the As actually remind oil turned of of does the everybody

a -- has variation sector just our ripple of of some the through of customers. caused and had rates in operating that has So lot effects

So statement. the The news started and the me corresponding has is, continue We're our see continuing net sprung our been, we re-contracting in focused interest through to good of on oil that, in effect effect income the very to though segment. that has assets ripple you'll improve extremely back well. here relates to business. as to vessels some improve And customer it the particular repurposing now operate to really FPSO

this So I extend But making I because more to think, and will in these are around there see years. industry assets decisions volatility be than big positive people continued degree, are a signs that contracting the do and multiple re-contracting negative. I

Gary Ho

And That's securities Okay. question it. Got helpful. on next then public my just the holdings.

mentioned, of some QX. and sold also maintain there. some I in think in you quarter, that exposure You But still you last

thinking or potentially see private? two color wondering, on that wondering, one do that? if taking you those still can Just the share you some of Just behind

Jaspreet Dehl

Hi.

So, I'll take that.

keep want open. has still we've been So that if a-third do kind sold QX We're the period would something time. original for great broader holding a idea the the position then say, businesses of that about always that, to in be option larger position a of interesting. And been you're positions. of following we And QX. could these right. are some And and we We've in of our I'd

do be Otherwise, we're upside So be something maintain for our now we're able If going just there broader opportunistic. may great. to and in that's the equity position to positions.

Gary Ho

you. Thank questions. Those Got it. are Okay. my

Jaspreet Dehl

Thanks.

Operator

you. Thank

line question from comes Kuske Credit Andrew the from Suisse. Our of next

please. question Your

Andrew Kuske

you've maybe some the I really that was start year unit at call, with just revenue we're in question. on had past color around the basis? outright could around effort costs you your you've when or versus the in you've that Thanks. color experienced a cost pricing quarters Good businesses, think any a give either clearly, And reductions triage per that high-level environment impacts this if enhancements then, point And few improvements ago stripping there a out the had given is had we and the time. of morning. from just sold where units I'll

appreciated. would topics any So, on be color those

Denis Turcotte

have sectors. relevant well. have And be reductions Look, made, whether make inflation that, industrial it's in every Sure. and we at question are we're here of anticipating two, And been a hard some businesses as of I've spending the et opportunity disparity these even manifest improvements be businesses. them done the or year of seeing a though, cost, looking to that areas teams But phenomenal to wide to structural structural such have they that some in really particular commodity XXXX are all certain the general businesses probably, over cut sure, service-based manufacturing-based management discretionary most use we to And just previous calls, jobs comments. cut your cetera. on of permanent through to in are relates the bit there'll the little it or costs as I'm labor creep to cost next going have mentioned all or time effect supply as call those I hysteresis in lags, increases chain businesses. pricing of the of price and through. not to businesses, for I anything just time initiatives because expanding And of these implemented. always have on be this, margins see revenue on you when think to are trying right in we're on our links on predominantly going -- for took -- cost in direct side not going what we're in in pricing margins price bank supply to There's increase view, similarly, all on all in get it although point the to businesses businesses, we to a from reduced across are almost serve early-stage roll our costs takes us it well, anticipate chains, and time And we fact don't increases side,

Andrew Kuske

decomposition, opportunities the what could Multiplex and in backlog the And delve book you've backlog got then, infrastructure, just office, backlog. does if Okay. of you into do maybe the resi, there see? That's of that give say prospectively, can helpful. you the between I how And Is then business look? there

Cyrus Madon

second on tell we time, here. just otherwise to people available, know have we'll If a another Andrew, have readily hold that but... Yes. and you let going to we're

Jaspreet Dehl

No. Yes.

the And and the definitely we a sectors. bit high larger But follow-up, London. level, Australia than and it's high of UK. again, level across kind Australia So, backlog is it's a can Andrew. is

won much It's to So quarter is the which not backlog. this public of office, significant that hospital going AUD We part a Australia, a large residential, information. be contract about variability. And billion. this is in X.X

this is that that new did a we contract win So quarter. large

a now backlog, It's residential of there's of health between some has the office, that almost so that, well so portion sector. outside And balanced nothing of tourism out. hotels. of XX% and But significant and kind sticks kind leisure the

Andrew Kuske

just could you sneak with Very tankers, thesis Do helpful. expand business do with grow the into and LNG business? or to into really schedule the the to Altera, I opportunity things an if just just overall And see running if NGL one -- and do like inject in really the on diversify debt. and something capital you more. maturity If

Cyrus Madon

things of table, the All are those Andrew. on

the sheet term, longer So, this step are fix part part But the and one for it's how things that successful -- is, do of opportunities. we then long those business, position is, two so balance and term? step all

Andrew Kuske

Okay. Great. Thank you.

Operator

you. Thank

of comes Markets. CIBC question Nik next Priebe Capital the from Our from line

Your question please?

Nik Priebe

Thanks. Yes.

it Just for to the business? execution that sounds can you pursue with understand, was pricing the you still in Just about valuation of IPO, a given Clarios that on anything you acquired reveal the implied that subject and range ago thesis the investment. you're what there. motivated Clarios or your can't two us only But appreciate that help I the years public like expected listing of engaged

Cyrus Madon

Yes.

period. quiet a in we're Nik, look So

So here. if we've transition of raise we making to we runway just generally be buyer would clear plan made say the extremely deleverage we if progress that point investments, or very our would our one say all and continue for cash our in flows, we to assets, to enhance monetize time have highly see business I is beginning But what to interested progress that market equity a if in at then to in time. at point that in consider there's careful that

public to side That's that's in earlier thinking equity it's valuations that And don't flip talked So private strong. general buyers. our I situation. I monetizing investments. also the broad it's Clarios market any great The creating obvious begin of really different providing for think opportunities about and competition some are

Nik Priebe

Yes.

have how other reform negatively of a is Like an of been impact the US step-up rate the out you some border that might the operations the could to read positively domiciled companies? do tax portfolio then And enough. fair portfolio? that that's on proposed for Okay, south across impact any and the nuance that is relatively the of in either But there the corporate plan or stands have straightforward. tax the

Jaspreet Dehl

Nick. Yes. Hi,

obviously So any the just currently investments. impact of, we don't gone any given, impact it and changes through have material not that at any our and anticipating teams proposed changes. see kind our way material proposed. we've we our had We're of been from And any structure tax the structure looked

Nik Priebe

Okay. Good. That’s it from me. Thank you.

Jaspreet Dehl

Thanks.

Operator

Thank you.

comes question National the Gloyn line Jaeme next Our Bank. from from of

Your question please.

Jaeme Gloyn

morning. Thanks. Yes. Good

about the just and, year. of, you mean half improvements COVID. it's the business and XXXX there talking I upcoming curious I'm question First purchased operated this through sort on BrandSafway January and this of back basically in just

EBITDA So terms share in running could bit a us of an revenue more and optimally BBU's what like you color BrandSafway to looks little give share? as like

Jaspreet Dehl

of, of be there's other kind contracts. activity levels maintenance that that side see construction and normalization recurring that by that's would that definitely basis kind of of $XX seeing. majority then So business We to is is this And share of XX% we been back. of at part And seeing. activity the of this expect also and going to impacted is the the the And And of BrandSafway. from more business high when new million variability work. come I'd the kind on dependent deferrals business EBITDA the smaller And the have really lower part we're XX% we'd kind our over quarter at that's from I'd least where say generated normalized say, we're a level.

Jaeme Gloyn

as what In transactions Okay. Is -- business and decent Everise. underneath to out be the with contribution surface I for other components is us would the that services Great. of guess, of quarter That's kind segment pull this helpful. repeatable, looked that's you a recent the includes like can performance? and EBITDA. something or It sustainability some that of the that called there the highlight anything to that IndoStar

Jaspreet Dehl

at IndoStar? said you So

Jaeme Gloyn

the don't Healthscope not that's it's Well Multiplex. I -- businesses, other Genworth and

Jaspreet Dehl

Just right? -- services within sorry business

Jaeme Gloyn

Yes. Correct.

Jaspreet Dehl

Yeah.

course. QX, of on well transaction. businesses closed starting them, March with kind been businesses businesses was of three, as lifted. those business Multiplex have just significant some volume the ones say outside see we on So plan. large of to fairly of operating the contributors. a a and We is recover saw as the of small. in the Greenergy. number quarter quarter, that the it impact are the for Greenergy that the some I'd the and we as -- but the But were Everise are restrictions lockdown Healthscope Genworth business lockdowns in earlier UK fairly Those other larger the in in most did There's other IndoStar,

And a ongoing So health situation quarter, has But the ground COVID performed we'll a I'd there's that I'd bit balance well I'd and it on and of the monitoring of stable in see say in businesses. and fairly that And kind impact an forward. maybe crisis little say, the business. of but expect the puts with closely number then few kind India contribution. on normalization IndoStar, in if of a takes, we're there's that going kind but of smaller there's

Jaeme Gloyn

you. how whether as Okay. an capital? follow-up little the I thinking or deploying around or decision about purchase is you are color level the to a there whatever back and speculation side capital transactions -- that it's a the acquisitions that recycling about Westinghouse commentary industries IPO what on the Can for Great. Clarios then and to getting Thank outside these are IPO we're give potential see else And to those bit And reason, larger occur? our guess or and of themes didn't we activity you bid. some us deal, required of then higher that as precursor with targeting to sale,

Cyrus Madon

Okay.

So one first. I'll with the start second

and we ahead. quarters to capital our in we in pursue capital strategy. ample look have we We continue don't generating not order we're And acquisition to going as recycle several need need to -- do anything

us. is for issue not that So an

We we've market some strong looking Technology at positions. services businesses at at, companies. looked types just been very to say it's definitely there. building is on, working area. one businesses products of I'll the general As a looked with We industrial pretty wide variety

well and regions Europe of wide So elsewhere. as a a North just America in different variety of number things

Jaeme Gloyn

Okay. Thanks very much.

Operator

the you. today's Thank any further of question-and-answer Madon I'd to This remarks. hand program the back conclude session does for to program. Cyrus like

Cyrus Madon

today Thank much and for Thank us you look forward very we next joining to speaking you. you with quarter.

Operator

This gentlemen and participation ladies in conference. program. you, for Thank does the today's conclude your

now You Good may disconnect. day.

Brookfield Business Partners (BBU) 5 May 212021 Q1 Earnings call transcript